Kristy Shen, who runs the blog Millennial Revolution and who retired at age 31 with $1 million in the bank, says many people are making the same mistake when it comes to spending their money: They aren't keeping track of where it goes.

"I feel like people are not tracking the money," Shen told host Farnoosh Torabi on the podcast So Money. "And it's not because people they don't know what they're doing, or they're dumb, or anything like that. It's just — people are not tracking it. They don't know where it's going. At least that's what I found with a lot of my friends."

Shen continued:
"Even if you blow the budget once or twice, it's not a big deal. Everybody makes mistakes. I made mistakes, too. Being able to track it allows you to see, 'Hey, look! I'm going in the wrong direction. It's not going towards my financial goal,' so then you just move back towards the right path and then you're good to go. I think tracking is absolutely paramount. That's one of the things that would help people a lot financially." Source Business Insider